Positive IFO data from Germany, and the European Union's (EU) Consumer Price Index (CPI) figures helped give the euro a boost in today's European session. Germany posted better-than-expected IFO figures for February, wherein its business climate came out at 111.3 (vs 110.6 expected), its current assessment was at 114.4 (vs 112.8 expected), and expectations at 108.3 (vs 108.2 expected). Meanwhile, the EU's January CPI Core was as expected at 0.8% over the past 12 months, its CPI contracted by 1.1% in January compared to the previous month, and came out slightly higher at 0.8% over the past 12 months (estimate was at 0.7%).
The EUR/USD pair opened the Asian session at 1.3737. However, it received a lift a little after the opening of the European session as it rose to today's high at 1.3768. It is currently experiencing a steady slide though, practically erasing most of the pair's gains just a few hours ago. This happened ahead of the release of the US Marikit Services PMI for February (1:58PM GMT). It is currently at 56.7.
The pair is trading at the moment at 1.3737, with initial resistance seen at 1.3778, followed by 1.3812. Meanwhile, initial support is at 1.3720, followed by 1.3685.
The AUD/USD pair opened at a decent 0.8977 during the Asian session, but dropped later on due to sell off of stocks in Shanghai amid concerns of a weakening Chinese real estate market. This dragged the pair to a 4-day low of 0.8937. However, it has since shown steady signs of recovery until today's European session, as it's trading near the 0.9000 zone once again. It has so far reached a high of 0.8994 today. It is currently trading at 0.8987, with initial resistance seen at 0.8992, followed by 0.9014. Meanwhile, initial support is at 0.8925, followed by 0.8903.
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